Caterham entered Formula One in 2010 under the banner of 'Team Lotus', though it had no affiliation to the team founded by Colin Chapman. Team owner Tony Fernandes was able to use the name after buying the licence from Proton - the parent company of Group Lotus.

The matter ended up in the High Court, and due to legal reasons the team never ran the iconic black and gold livery synonymous with Lotus. On track, their lineup of Jarno Trulli and Heikki Kovalainen, both former race winners, could do little to prevent the team finishing without a single point, though a 12th-place finish in Japan helped them beat Hispania and Virgin into 10th in the constructors'.

In 2011 the pace of the T128 was a definite improvement, the team was unable to bridge the gap to the midfield during the course of the season, though they once again finished above their two nearest rivals, Virgin and HRT. The following year marked a change in name for the team, following the High Court's decision and Fernandes' purchase of Caterham Cars. Vitaly Petrov replaced Trulli and took the team's best-ever finish of 11th at the Brazilian Grand Prix, enough to secure 10th place again ahead of Marussia.

In 2013 it was an all-new line-up for the team, with Charles Pic and Giedo van der Garde stepping up - but they could not prevent the team from recording it's worst finish. Caterham finished last in the constructors' and this once again prompted a new lineup for 2014, with Kamui Kobayashi and debutant Marcus Ericsson drafted in for the new season. But results failed to improve as Caterham struggled with the new turbo era and the uncompetitive Renault power unit.

With financial concerns at the forefront of F1 all season, Caterham entered administration ahead of the US Grand Prix and went on to miss the next round in Brazil too. A crowd-funding project helped raise the necessary funds to return for the finale in Abu Dhabi, where Will Stevens replaced the Sauber-bound Ericsson, which allowed the team to retain its entry for 2015. However it is still unclear whether Caterham will return to the grid as its administrators are yet to find a new buyer, while it could face the prospect of racing in a year-old car if it does return.